Ryan --
"...because of normal wear and tear that's been supplemented by fluid leaking on it..."
Do you mean the tailshaft bushing in the tranny, or do you mean the driveshaft center support bearing -- more specifically, the foam support for this bearing?
"To fix this leak in the center of the trans. would require rebuilding the transmission according to the mechanic..."
First, get some definition from this "mechanic" about the nature of the leak. You should NOT be compelled to rebuild a tranny to fix a leak. Second, look for another mechanic who knows what he's talking about or is willing to tell the truth.
"Can I wrap the bushing in something to protect it from the fluid?"
If you mean the foam bearing support -- not easily. But also, it's easy to install a replacement (and you can probably find one easily at a boneyard).
"How easy a job is this to do?"
Easy. Drop the center support mount bracket, drop one end of the driveshaft. Pull the d-shaft apart at the splines. Remove the foam, install the replacement. Be sure to install the little springy thingy. Bolt up the bearing support bracket.
You might alspo need to replace the center support bearing while you have it apart.
When refitting the splines, be SURE you realign them as original. It's best to first draw an alignment mark along the d-shaft with a crayon.
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